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The Securities and Exchange Commission sued crypto exchange Coinbase

in New York federal court on Tuesday morning, alleging that the company was acting as an unregistered broker and exchange and demanding that the company be “permanently restrained and enjoined” from continuing to do so.

Shares closed down 12% Tuesday. Coinbase stock had already fallen 9% on Monday, after the SEC unveiled charges against rival crypto exchange Binance and its founder Changpeng Zhao.

“These trading platforms, they call themselves exchanges, are commingling a number of functions,” SEC chair Gary Gensler said on CNBC Tuesday. “We don’t see the New York Stock Exchange operating a hedge fund,” Gensler continued.

Coinbase’s flagship prime brokerage, exchange and staking programs violate securities laws, the regulator alleged in its complaint. The company “has for years defied the regulatory structures and evaded the disclosure requirements” of U.S. securities law.

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Crypto plunge continues

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Ethereum/Bitcoin price chart

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